AUD/USD Daily Forecast - 07 January

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Tuesday, Jan 06 2015

After it initially head higher, 0.8160 area proved to be to resistive for Aussie at the moment, with pair pulling back below 0.81 handle on a daily closing and forming a shooting star. This of course is the sign that pair could go lower, but 0.80 handle is a major support and therefore we are not willing to place any larger bids at the moment.

There will be no data releases from Australia tomorrow, so focus will on US FOMC Meeting Minutes. We believe that pair will find significant amount of support around 0.80 handle regardless of the report, while above 0.8180 level is where we would sell the pair on a short-term basis, even in a case of a dovish report. Long-term looking, if we see break below 0.80 handle we would start selling the pair.

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